|Kodak Completes Acquisition of Leading Online Photo Service Ofoto|
Uniquely Positioned to Benefit Retailers and Consumers through Innovative Photo Services
ROCHESTER, N.Y.--(BUSINESS WIRE)--June 4, 2001--Eastman Kodak Company announced the completion of the acquisition of Emeryville, Calif.- based, Ofoto, Inc., a leading online photography service. The completion of the acquisition will accelerate Kodak's growth in the online photography market and help drive more rapid adoption of digital and online services by providing an easy way to store, share and print pictures online.
Kodak now has the premier online photography system for retailers and consumers, offering a full range of services, including film scanning, uploading digital pictures, storage, output capabilities and photo enhancement features that enable unique and innovative products.
``The closing of the transaction is a win for both our retail customers and consumers,'' said Willy Shih, president, Digital and Applied Imaging, and senior vice president, Eastman Kodak Company. ``Combining Ofoto's capabilities with Kodak's existing infrastructure delivers an unrivalled digital photography service to our customers.''
The acquisition of Ofoto is Kodak's latest move in the infoimaging industry, which is driven by the convergence of images and information technology. Infoimaging unites three closely related imaging markets-services / media, such as Ofoto (www.ofoto.com), infrastructure and devices - that enable people to more easily and effectively share pictures as information, entertainment or memories. The acquisition of Ofoto will enable Kodak to deliver the most comprehensive, easy-to-use online photography services by combining Kodak's and Ofoto's technology, marketing and distribution assets.
Ofoto will operate as a wholly owned subsidiary of Kodak, and will complement the company's existing infrastructure and Internet photography services. Financial terms of the acquisition were not disclosed.
Eastman Kodak Company and infoimaging
Eastman Kodak Company is the world's leader in helping people and businesses take, share, store and print pictures--traditional or digital. Kodak's sales last year of nearly $14 billion were divided between consumer and commercial products and services, such as professional and consumer digital cameras, laser imagers for radiologists, photographic films for professionals and amateurs, digital services for cinematographers, high-speed document scanners and aerial images. Kodak is a leading participant in infoimaging, a $225 billion industry created by the convergence of images and information technology. Infoimaging unites three closely related imaging markets--services / media, such as Ofoto, as well as infrastructure and devices--that enable people to more easily use images as a fast and effective way to share pictures as information, entertainment or memories.
Editor's Note: For more information about Kodak products and services, infoimaging or Ofoto, please visit www.kodak.com or www.ofoto.com
Kodak is a trademark of Eastman Kodak Company. 2001